Viewpoint

We believe EM fixed income is better positioned today than four years ago, despite uncertainty around the duration of the war and the disruption of oil supply. If de-escalation materializes in the short term, EM bonds may rebound amid a resumption of pre-war trends, including diversification away from US-centric portfolios.

Le riforme della governance in Corea affrontano il cosiddetto «Korea discount» aumentando la trasparenza e i diritti degli azionisti di minoranza. Misure come la cancellazione obbligatoria delle azioni proprie e una maggiore indipendenza del consiglio di amministrazione puntano a valorizzare le società e a favorire valutazioni più eque. Un passo fondamentale verso mercati più equi.

I mercati odierni ricordano la favola di Esopo: molti operatori, dopo anni di ribassi brevi e contenuti seguiti da rapidi rimbalzi sostenuti dalle banche centrali, hanno smesso di prendere sul serio i rischi. A nostro avviso, questa compiacenza ha gonfiato le valutazioni e ridotto il livello di difesa dei portafogli, creando fragilità strutturale.

Equity markets have become concentrated in a handful of mega-cap stocks, leaving many high-quality small- and mid-cap (SMID) companies overlooked. But what does the combination of concentration, valuation, and structural megatrends mean for investors?

Railroads play a critical role in facilitating the efficient movement of goods and essential commodities in North America. Over the last thirty years, railroads have evolved from heavily regulated businesses with returns at or below their cost of capital into lightly regulated and capital-efficient networks distinguished by infrastructure that is difficult to replicate. This article discusses the investment merits of listed railroads and examines how the recent industry dynamics will impact future growth.

Le iniziative per la sovranità energetica e la competitività stanno favorendo la transizione da un sistema basato su risorse finite ed estratte, dai prezzi volatili, a uno centrato su tecnologie generate, con costi decrescenti all’aumentare della scala produttiva. Investire in tutto lo spettro con un approccio attivo offre l’opportunità di accelerare la transizione e partecipare ai suoi benefici.

Artificial intelligence (AI) may be one of the greatest technological breakthroughs, but it’s too early to tell. History shows that investment returns don’t always match innovation hype. However, we do know that economic fundamentals have not changed, which means that investments must become self-financing and deliver adequate returns to be sustainable.

Vontobel’s Ed Walczak is among a small number of portfolio managers active today who were also managing money during the dot-com bubble. Ed compares the two time periods and explains how having zero exposure in tech and telecom in the dot-com era, while unpopular, rewarded his investors.

Two mantras exist among investors when it comes to equity factors. First, you hear that “factors tend to outperform the broader market in the long run”. True. Second, you hear that “timing factors is almost impossible, and that you would be better off with a static allocation”. False. In fact, dynamic timing approaches to factor premia management adds significant benefits over static allocation approaches and in this piece, we show you why

Le azioni dei mercati emergenti hanno registrato un anno straordinario, ma gli investitori hanno perso l’occasione? A nostro avviso, no. Riteniamo infatti che il 2025 abbia segnato il primo anno di cambiamenti positivi su almeno due fattori strutturali chiave, potenzialmente all’inizio di un nuovo ciclo favorevole per le azioni dei mercati emergenti.

Commodities delivered strong returns in 2025 with the significant dispersion across commodities. In our quarterly commodity outlook, we discuss our view of oil markets, metals, grains and of course the all shining precious metal rally. Find out where we see value in an environment of macroeconomic tailwind and geopolitical uncertainty.

With global markets navigating a complex and evolving landscape and at a time when corporate bonds have emerged as a cornerstone for resilient and diversified portfolios, Vontobel is proud to celebrate a decade of alpha generation for the Vontobel Fund – Global Corporate Bond, which passed its 10th anniversary in October 2025.